Credit Union Act, 1997

Directors: supplemental provisions.

57.—(1) A register of directors shall be kept by the secretary of the credit union and signed by all the directors of a credit union each year after the annual general meeting of a credit union or, in the case of a director appointed to fill a casual vacancy, after his appointment.

(2) In the event that the number of directors of a credit union falls to less than half the number specified in the registered rules, the secretary of the credit union shall forthwith notify the Registrar and the Supervisory Committee of the credit union.

(3) The acts of a director of a credit union shall be valid notwithstanding any defect in the appointment of the director which may be subsequently discovered.

(4) Where any of the following events occurs—

(a) the secretary of the credit union has given notice under section 54 (5) that all the directors of the credit union intend to resign on the same date,

(b) all the directors have been removed or suspended in accordance with section 96 (1), or

(c) there is no board of directors,

the Supervisory Committee shall convene a special general meeting of the credit union, within one month of the occurrence of the event in question, to elect a board of directors.

(5) If the special general meeting referred to in subsection (4) is not convened in accordance with the provisions of that subsection, the Registrar may convene such a special general meeting under section 92 (1)(b).

Supervisory Committee